Countrywide Lending Up, Subprime Dips

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Countrywide Financial Corp. said its subprime loan funding fell sharply last month as the housing market continued to tighten.


The loans, given to customers with damaged credit, dropped 29 percent to $2.4 billion, accounting for 5 percent of the Calabasas-based lender’s total mortgage loan originations for the month.


During the same period a year earlier, Countrywide said 8.7 percent of its portfolio was subprime.


The company’s total mortgage loan funding grew 5 percent in March to $43 billion while equity loan funding dropped 5 percent to $4 billion. Average daily mortgage loan activity in March also was up 17 percent to $3.1 billion.


Shares of the company were up 29 cents to $33.70 Thursday in afternoon trading on the New York Stock Exchange. The stock has fallen more than 20 percent in 2007.

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